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The advantages of Multi-valued logic (MVL) systems and circuits have drawn a significant interest as a coming generation technology that can be viewed as an alternative approach to solve many problems in transmission, storage and processing of large amount of information in digital signal processing. The paper presents an all-optical circuit for designing ternary (three-valued) multiplexer & demultiplexer with the help of polarization encoded basic ternary logic gates (ternary min and ternary delta literal). It focuses on recent patents / publications in relevant field and future scope of works in the fascinating field of optical multi-valued logic.